ASIC has banned Hobart-based financial adviser Hannah Jennings from providing financial services, carrying on a financial services business and controlling an entity that carries on a financial services business for four years.
“ASIC found that Ms Jennings failed to act in the best interests of her clients by providing advice that was inappropriate in light of her clients’ relevant personal circumstances,” the regulator said.
“ASIC reviewed advice provided by Ms Jennings which recommended clients continue with double gearing strategies despite knowing that clients struggled to service the borrowing arrangements.
“In providing this advice, Ms Jennings had no regard to the clients’ relevant personal circumstances, their cash flow position or their ability to cover margin calls. Ms Jennings also failed to consider an exit strategy for her clients as well as appropriate personal insurance cover.”
Additionally, ASIC found that Ms Jennings also failed to keep proper records and that she was not adequately trained or competent to provide financial services.
“Her lack of understanding about her legal and professional obligations as a financial adviser created additional risks to her current and future clients,” the regulator noted.
Ms Jennings’ banning took effect on 1 April 2021. Ms Jennings applied to the AAT for a review of ASIC’s decision but withdrew her application on 8 June 2021.
The banning of Ms Jennings is part of ASIC’s ongoing efforts to improve standards across the financial services industry and has been recorded on ASIC’s publicly available Financial Advisers Register and the Banned and Disqualified Persons Register.
Ms Jennings is the sole director and only authorised financial adviser of FF Planning Solutions Pty Ltd, previously known as Fort Financial Group Pty Ltd (Fort Financial), and an authorised representative of InterPrac Financial Planning Pty Ltd since March 2017.
Ms Jennings has been a financial adviser since 2009 and has been authorised by a number of AFS licensees.
The misconduct which resulted in this banning occurred during the time she was an authorised representative of Meritum Financial Group Pty Ltd (February 2012 to February 2017) and InterPrac Financial Planning Pty Ltd.
I can’t believe she was just banned for 4 years when ASIC identified:
-Her lack of understanding about her legal and professional obligations as a financial adviser created additional risks to her current and future clients.
-She failed to keep proper records and that she was not adequately trained or competent to provide financial services.
Shouldn’t she have to fully complete her studies again before she is able to apply to be licensed again.